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Up To 1.4M More Fake Wells Fargo Accounts Possible

An anonymous reader quotes the Bay Area Newsgroup: Wells Fargo may have opened as many as 3.5 million bogus bank accounts without its customers’ permission, attorneys for customers suing the bank have alleged in a court filing, suggesting the bank may have created far more fake accounts than previously indicated. The plaintiffs’ new estimate of bogus bank accounts is about 1.4 million, or 67%, higher than the original estimate — disclosed last year as part of a settlement with regulators — that up to 2.1 million accounts were opened without customers’ permission… The attorneys covered a period from 2002 to 2017, rather than the previously scrutinized five-year stretch from 2011 to some time in 2016 in which the bank acknowledged setting up unauthorized accounts. Wells Fargo terminated 5, 300 employees for creating fake accounts, and their CEO now acknowledges that “we had an incentive program and a high-pressure sales culture within our community bank that drove behavior that many times was inappropriate and inconsistent with our values.” In a possibly-related story, Wells Fargo plans to shut 450 branches over the next two years. Read more of this story at Slashdot.

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Up To 1.4M More Fake Wells Fargo Accounts Possible

Trump Signs Executive Order On Cybersecurity

President Trump on Thursday signed a long-delayed executive order on cybersecurity that “makes clear that agency heads will be held accountable for protecting their networks, and calls on government and industry to reduce the threat from automated attacks on the internet, ” reports The Washington Post. From the report: Picking up on themes advanced by the Obama administration, Trump’s order also requires agency heads to use Commerce Department guidelines to manage risk to their systems. It commissions reports to assess the country’s ability to withstand an attack on the electric grid and to spell out the strategic options for deterring adversaries in cyberspace. [Thomas Bossert, Trump’s homeland security adviser] said the order was not, however, prompted by Russia’s targeting of electoral systems last year. In fact, the order is silent on addressing the security of electoral systems or cyber-enabled operations to influence elections, which became a significant area of concern during last year’s presidential campaign. The Department of Homeland Security in January declared election systems “critical infrastructure.” The executive order also does not address offensive cyber operations, which are generally classified. This is an area in which the Trump administration is expected to be more forward-leaning than its predecessor. Nor does it spell out what type of cyberattack would constitute an “act of war” or what response the attack would invite. “We’re not going to draw a red line, ” Bossert said, adding that the White House does not “want to telegraph our punches.” The order places the defense secretary and the head of the intelligence community in charge of protecting “national security” systems that operate classified and military networks. But the secretary of homeland security will continue to be at the center of the national plan for protecting critical infrastructure, such as the electric grid and financial sector. Read more of this story at Slashdot.

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Trump Signs Executive Order On Cybersecurity

Trump Signs Executive Order On Cybersecurity

President Trump on Thursday signed a long-delayed executive order on cybersecurity that “makes clear that agency heads will be held accountable for protecting their networks, and calls on government and industry to reduce the threat from automated attacks on the internet, ” reports The Washington Post. From the report: Picking up on themes advanced by the Obama administration, Trump’s order also requires agency heads to use Commerce Department guidelines to manage risk to their systems. It commissions reports to assess the country’s ability to withstand an attack on the electric grid and to spell out the strategic options for deterring adversaries in cyberspace. [Thomas Bossert, Trump’s homeland security adviser] said the order was not, however, prompted by Russia’s targeting of electoral systems last year. In fact, the order is silent on addressing the security of electoral systems or cyber-enabled operations to influence elections, which became a significant area of concern during last year’s presidential campaign. The Department of Homeland Security in January declared election systems “critical infrastructure.” The executive order also does not address offensive cyber operations, which are generally classified. This is an area in which the Trump administration is expected to be more forward-leaning than its predecessor. Nor does it spell out what type of cyberattack would constitute an “act of war” or what response the attack would invite. “We’re not going to draw a red line, ” Bossert said, adding that the White House does not “want to telegraph our punches.” The order places the defense secretary and the head of the intelligence community in charge of protecting “national security” systems that operate classified and military networks. But the secretary of homeland security will continue to be at the center of the national plan for protecting critical infrastructure, such as the electric grid and financial sector. Read more of this story at Slashdot.

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Trump Signs Executive Order On Cybersecurity

Up To 1.4M More Fake Wells Fargo Accounts Possible

An anonymous reader quotes the Bay Area Newsgroup: Wells Fargo may have opened as many as 3.5 million bogus bank accounts without its customers’ permission, attorneys for customers suing the bank have alleged in a court filing, suggesting the bank may have created far more fake accounts than previously indicated. The plaintiffs’ new estimate of bogus bank accounts is about 1.4 million, or 67%, higher than the original estimate — disclosed last year as part of a settlement with regulators — that up to 2.1 million accounts were opened without customers’ permission… The attorneys covered a period from 2002 to 2017, rather than the previously scrutinized five-year stretch from 2011 to some time in 2016 in which the bank acknowledged setting up unauthorized accounts. Wells Fargo terminated 5, 300 employees for creating fake accounts, and their CEO now acknowledges that “we had an incentive program and a high-pressure sales culture within our community bank that drove behavior that many times was inappropriate and inconsistent with our values.” In a possibly-related story, Wells Fargo plans to shut 450 branches over the next two years. Read more of this story at Slashdot.

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Up To 1.4M More Fake Wells Fargo Accounts Possible

Up To 1.4M More Fake Wells Fargo Accounts Possible

An anonymous reader quotes the Bay Area Newsgroup: Wells Fargo may have opened as many as 3.5 million bogus bank accounts without its customers’ permission, attorneys for customers suing the bank have alleged in a court filing, suggesting the bank may have created far more fake accounts than previously indicated. The plaintiffs’ new estimate of bogus bank accounts is about 1.4 million, or 67%, higher than the original estimate — disclosed last year as part of a settlement with regulators — that up to 2.1 million accounts were opened without customers’ permission… The attorneys covered a period from 2002 to 2017, rather than the previously scrutinized five-year stretch from 2011 to some time in 2016 in which the bank acknowledged setting up unauthorized accounts. Wells Fargo terminated 5, 300 employees for creating fake accounts, and their CEO now acknowledges that “we had an incentive program and a high-pressure sales culture within our community bank that drove behavior that many times was inappropriate and inconsistent with our values.” In a possibly-related story, Wells Fargo plans to shut 450 branches over the next two years. Read more of this story at Slashdot.

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Up To 1.4M More Fake Wells Fargo Accounts Possible

Trump Signs Executive Order On Cybersecurity

President Trump on Thursday signed a long-delayed executive order on cybersecurity that “makes clear that agency heads will be held accountable for protecting their networks, and calls on government and industry to reduce the threat from automated attacks on the internet, ” reports The Washington Post. From the report: Picking up on themes advanced by the Obama administration, Trump’s order also requires agency heads to use Commerce Department guidelines to manage risk to their systems. It commissions reports to assess the country’s ability to withstand an attack on the electric grid and to spell out the strategic options for deterring adversaries in cyberspace. [Thomas Bossert, Trump’s homeland security adviser] said the order was not, however, prompted by Russia’s targeting of electoral systems last year. In fact, the order is silent on addressing the security of electoral systems or cyber-enabled operations to influence elections, which became a significant area of concern during last year’s presidential campaign. The Department of Homeland Security in January declared election systems “critical infrastructure.” The executive order also does not address offensive cyber operations, which are generally classified. This is an area in which the Trump administration is expected to be more forward-leaning than its predecessor. Nor does it spell out what type of cyberattack would constitute an “act of war” or what response the attack would invite. “We’re not going to draw a red line, ” Bossert said, adding that the White House does not “want to telegraph our punches.” The order places the defense secretary and the head of the intelligence community in charge of protecting “national security” systems that operate classified and military networks. But the secretary of homeland security will continue to be at the center of the national plan for protecting critical infrastructure, such as the electric grid and financial sector. Read more of this story at Slashdot.

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Trump Signs Executive Order On Cybersecurity

Up To 1.4M More Fake Wells Fargo Accounts Possible

An anonymous reader quotes the Bay Area Newsgroup: Wells Fargo may have opened as many as 3.5 million bogus bank accounts without its customers’ permission, attorneys for customers suing the bank have alleged in a court filing, suggesting the bank may have created far more fake accounts than previously indicated. The plaintiffs’ new estimate of bogus bank accounts is about 1.4 million, or 67%, higher than the original estimate — disclosed last year as part of a settlement with regulators — that up to 2.1 million accounts were opened without customers’ permission… The attorneys covered a period from 2002 to 2017, rather than the previously scrutinized five-year stretch from 2011 to some time in 2016 in which the bank acknowledged setting up unauthorized accounts. Wells Fargo terminated 5, 300 employees for creating fake accounts, and their CEO now acknowledges that “we had an incentive program and a high-pressure sales culture within our community bank that drove behavior that many times was inappropriate and inconsistent with our values.” In a possibly-related story, Wells Fargo plans to shut 450 branches over the next two years. Read more of this story at Slashdot.

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Up To 1.4M More Fake Wells Fargo Accounts Possible

Trump Signs Executive Order On Cybersecurity

President Trump on Thursday signed a long-delayed executive order on cybersecurity that “makes clear that agency heads will be held accountable for protecting their networks, and calls on government and industry to reduce the threat from automated attacks on the internet, ” reports The Washington Post. From the report: Picking up on themes advanced by the Obama administration, Trump’s order also requires agency heads to use Commerce Department guidelines to manage risk to their systems. It commissions reports to assess the country’s ability to withstand an attack on the electric grid and to spell out the strategic options for deterring adversaries in cyberspace. [Thomas Bossert, Trump’s homeland security adviser] said the order was not, however, prompted by Russia’s targeting of electoral systems last year. In fact, the order is silent on addressing the security of electoral systems or cyber-enabled operations to influence elections, which became a significant area of concern during last year’s presidential campaign. The Department of Homeland Security in January declared election systems “critical infrastructure.” The executive order also does not address offensive cyber operations, which are generally classified. This is an area in which the Trump administration is expected to be more forward-leaning than its predecessor. Nor does it spell out what type of cyberattack would constitute an “act of war” or what response the attack would invite. “We’re not going to draw a red line, ” Bossert said, adding that the White House does not “want to telegraph our punches.” The order places the defense secretary and the head of the intelligence community in charge of protecting “national security” systems that operate classified and military networks. But the secretary of homeland security will continue to be at the center of the national plan for protecting critical infrastructure, such as the electric grid and financial sector. Read more of this story at Slashdot.

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Trump Signs Executive Order On Cybersecurity

Up To 1.4M More Fake Wells Fargo Accounts Possible

An anonymous reader quotes the Bay Area Newsgroup: Wells Fargo may have opened as many as 3.5 million bogus bank accounts without its customers’ permission, attorneys for customers suing the bank have alleged in a court filing, suggesting the bank may have created far more fake accounts than previously indicated. The plaintiffs’ new estimate of bogus bank accounts is about 1.4 million, or 67%, higher than the original estimate — disclosed last year as part of a settlement with regulators — that up to 2.1 million accounts were opened without customers’ permission… The attorneys covered a period from 2002 to 2017, rather than the previously scrutinized five-year stretch from 2011 to some time in 2016 in which the bank acknowledged setting up unauthorized accounts. Wells Fargo terminated 5, 300 employees for creating fake accounts, and their CEO now acknowledges that “we had an incentive program and a high-pressure sales culture within our community bank that drove behavior that many times was inappropriate and inconsistent with our values.” In a possibly-related story, Wells Fargo plans to shut 450 branches over the next two years. Read more of this story at Slashdot.

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Up To 1.4M More Fake Wells Fargo Accounts Possible

Trump Signs Executive Order On Cybersecurity

President Trump on Thursday signed a long-delayed executive order on cybersecurity that “makes clear that agency heads will be held accountable for protecting their networks, and calls on government and industry to reduce the threat from automated attacks on the internet, ” reports The Washington Post. From the report: Picking up on themes advanced by the Obama administration, Trump’s order also requires agency heads to use Commerce Department guidelines to manage risk to their systems. It commissions reports to assess the country’s ability to withstand an attack on the electric grid and to spell out the strategic options for deterring adversaries in cyberspace. [Thomas Bossert, Trump’s homeland security adviser] said the order was not, however, prompted by Russia’s targeting of electoral systems last year. In fact, the order is silent on addressing the security of electoral systems or cyber-enabled operations to influence elections, which became a significant area of concern during last year’s presidential campaign. The Department of Homeland Security in January declared election systems “critical infrastructure.” The executive order also does not address offensive cyber operations, which are generally classified. This is an area in which the Trump administration is expected to be more forward-leaning than its predecessor. Nor does it spell out what type of cyberattack would constitute an “act of war” or what response the attack would invite. “We’re not going to draw a red line, ” Bossert said, adding that the White House does not “want to telegraph our punches.” The order places the defense secretary and the head of the intelligence community in charge of protecting “national security” systems that operate classified and military networks. But the secretary of homeland security will continue to be at the center of the national plan for protecting critical infrastructure, such as the electric grid and financial sector. Read more of this story at Slashdot.

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Trump Signs Executive Order On Cybersecurity